Investing in real estate is more popular now than ever. With this increased popularity comes more investors looking to by houses that would make a profitable rental property or fix and flip investment. Following the money, some illegitimate companies have tried to take advantage of people. While most investment companies that buy houses directly from home owners are legit, there are some "we buy houses scams" out there.
If you are looking to sell a house quickly and without hassle, there is probably no better option than a company that buys houses. However, you must know how to spot the good from the bad. The good companies will close on your house quickly and follow through on what they promise. The bad companies will string you along, waste your time and money, and legally tie up your house with no recourse by you.
Before you sell your house to a local investment company, read these tips on how to spot a we buy houses scam before you go too far...
Tip #1 - Search Google for the company's website
In this day and age, if a company does NOT have a website, they are likely hiding something. If you can't do a quick Google search for a company and find their website, that is a red flag. Once you find their website, you have to ask yourself if it looks legitimate or not. Can you easily find out who runs the company, what the company is about, and do they explain themselves clearly.
Try it now! Search for "W Properties OK". We are a home buying company located in Oklahoma City. You'll notice it is easy to find our website, our facebook page, our Google profile. If you aren't in Oklahoma, you can do the same thing with any company that contacts you about buying your house.
Tip #2 - Reviews from past clients
If you can't find any reviews or only find bad reviews online for a company, this is another red flag. Check Google, check Facebook, and even look at a company's website for customer testimonials. If you can't find those, what is the company hiding? If the reviews are bad, read through them to see what went wrong and what people didn't like. You might end up saving yourself lots of time and money....
Tip #3 - Does the company answer the phone or call you back quickly?
Bad companies are impossible to reach on the phone and never return your call. They might have a working phone number but their reluctance to talk to people on the phone is a read flag you should be wary of. Legitimate companies will answer the phone or call you back quickly. They ar eeager to talk to you and answer questions. If you do get a company on the phone, ask them questions about how it works or their company.
Tip #4 - Are they vetted by the BBB or a local real estate association?
This one is pretty obvious but if a company is NOT accreddited by the BBB or is NOT licensed by a local real estate commission...what are they hiding from? Why would they avoid going through the ropes to become a legitimate company? At W Properties, we are both BBB Accreddited and Licensed by our local real estate commission.
Hopefully these tips have helped you. If you get approached by a company wanting to buy your home, use these to figure out if you are getting scammed or talking to a real company. Most companies are legitimate and truly do want to buy your house but some are out to lie, steal, and cheat.
If you have other questions or want to sell a house in Oklahoma quickly, call or text us at 405-673-4901. Alternatively, you can just visit our website at www.WPropertiesOK.com.
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